PropertyScout, a Bangkok-based property technology (proptech) startup that is establishing a transactional marketplace for buying, renting, and selling homes, announced raising $2.5 million in an oversubscribed pre-Series A funding round.
The round was led by Hustle Fund, an early-stage venture capital firm based in the United States that invests in firms in North America and Southeast Asia.
Industry veterans such as Simon Baker, former CEO of REA, Marc Stilke, former CEO of ImmobilienScout24, Brian Ma, founder of Divvy Homes through his accelerator Iterative Capital, as well as institutional investors AngelCentral, Swiss Founders Fund, and Asymmetry VC join Hustle Fund in the Seed round, as well as angel investors who have returned from the Seed round, among others.
The Asia Venture Group’s Tim Marbach, Jakob Angele (Foodpanda), Ross Veitch (Wego), JJ Chai (Rainforest, ex Carousell, ex AirBnB), Zenos Schmickrath (SEA founders, ex HMlet), Kiren Tanna (Una Brands, ex Rocket Internet), Amarit Charoenphan, and Gokul Rajaram are among the notable angel investors in the region (DoorDash).
Mario Peng, CEO and founder of PropertyScout, said they plan to use the funding to further enhance the proprietary technology platform and expand into property sales. Once their platform and processes are optimized and validated in Thailand, they will scale quickly into other Southeast Asian markets.
“Our vision is to make buying, renting, or selling a home trustworthy and accessible,” Peng said in a statement.
According to Marco Barth, COO for product and technology said they plan to increase the size of their product and tech team, expand the usage of AI in their platform for the benefit of their customers and partners, and aspire to become a top proptech-employer brand in 2022.
To expand globally, the company is planning a Series A fundraising round.
By creating a trusted platform that lowers the difficulties and hazards involved with the rental, purchasing, and selling of a home, PropertyScout is a Bangkok-based real estate business that wants to redefine real estate transactions in Southeast Asia.
Despite the market downturn induced by Covid-19, the company has grown 15-fold in the first quarter of this year to become the market leader in home rentals in Bangkok. PropertyScout has one of Bangkok’s most extensive portfolios of routinely updated and available rental homes.